Laurel Road Offers 3.80% APY on High-Yield Savings

Laurel Road, an online banking platform, is renowned for its focus on student loan products, although it also offers a range of online banking services. Since joining the KeyBank family in 2019, Laurel Road has expanded its offerings to include checking, high-yield savings, and lending services. Headquartered in New York, the bank operates entirely online without any physical branches.

Laurel Road's personal banking products are highlighted in the review, with rates current as of June 12, 2025, and subject to change. The bank offers checking accounts with no minimum deposit to open, as well as savings accounts with a competitive 3.80% annual percentage yield (APY). However, it does not provide money market accounts (MMAs) or certificates of deposit (CDs).

Laurel Road is particularly well-suited for individuals with student loans, as it offers several account perks designed specifically for those who maintain student loans with it. Its linked checking and savings accounts make it an attractive option for those looking to earn a better rate on their student loans. However, those who prefer in-person banking or a wider variety of product options may need to look elsewhere.

As an online bank, Laurel Road offers a high-yield savings account, a variety of checking accounts, and student loans. Its checking accounts include the Laurel Road Freedom Plus Checking Account, Laurel Road Loyalty Checking Account, and Laurel Road Linked Checking Account, all of which have no monthly fees and no minimum deposit required to open. The savings account offers a competitive 3.80% APY, although it may not be the highest available on the market.

In addition to its core banking services, Laurel Road offers personal loans for various purposes, such as home renovations, relocations, and credit card debt consolidation. It also provides a credit card that allows users to redeem cash back toward their student loans. The bank's student loan offerings are a significant part of its services, with many of its products related to student loan refinancing. Laurel Road also refers customers to KeyBank for mortgage services.

Laurel Road's online banking platform allows customers to handle all banking activities, including transfers, deposits, and bill payments, through its online portal and mobile app. The bank's customer support is available by telephone, email, live chat, and through its contact form on its website. The mobile app has received positive reviews, with 4.7 stars out of 5 on the App Store and 4.4 out of 5 stars on the Google Play store.

As a division of KeyBank, Laurel Road is FDIC-insured, meaning deposits are covered up to $250,000 per depositor per account type. The bank's online privacy statement outlines how it uses personal information and the measures it takes to protect it, including technical and physical safeguards. However, Laurel Road has received mixed reviews on Trustpilot, with many users complaining about being locked out of their accounts and unresponsive customer service.

For those seeking alternatives to Laurel Road, other popular online banks include SoFi, Ally, and Capital One. These banks offer a range of products and services that may better suit the needs of individuals looking for a wider variety of banking options. Laurel Road may be a good fit for customers who appreciate the efficiency of online banking and have student loans they are looking to refinance. However, it may not be the best choice for those who value in-person banking or want access to CDs or MMAs.